2012-12-02
2012-12-10
x eng
x apple

STATION
CNBC 4
KQED (PBS) 4
KPIX (CBS) 3
KQEH (KQED Plus) 2
KRCB (PBS) 2
CNNW 1
KRON (MyNetworkTV) 1
KTVU (FOX) 1
MSNBCW 1
LANGUAGE
English 19

Set Clip Length:


recovering from devastation caused by superstorm sandy. >> i think the most likely explanation here is sandy's impact was significant but was so short-lived that it didn't extend to the sample period of the employment report which was the week that covered november 12. >> reporter: hiring was also supposed to be weak due to worries about the fiscal cliff. with $600 billion in automatic tax hikes and government spending cuts set to start next yer, why aren't more firms postponing hiring decisions? >> what we're hearing from businesses is that it is really hard to actually pull back hiring right now, because they've already fired so many workers, gotten so lean that it's really difficult. >> reporter: but not all the surprises in the report were good. at 7.7%, the unemployment rate hit its lowest level since december 2008. but that was mostly due to people giving up their search for work. and there's another disappointing trend, weak wage growth. >> what we are not seeing is strong income generation. the slowing in wage gains-- the weak bargaining power of labor comes across in this report and

after super-storm sandy wreaked havoc along the new jersey shore, president obama met today with governor chris christie at the white house. the topic-- federal aid for storm recovery. the president is expected to ask congress for about $50 billion in additional emergency assistance. ruben ramirez is in seaside heights, new jersey, where business owners are striving to recover. ruben? >> reporter: thanks, tom. yes, nearly six weeks after super-storm sandy devastated this barrier island off the coast of new jersey, there's still a curfew in place. a lot of the traffic you see behind me is a lot of those longtime residents from the island and business owners who have bn going back day in and day out, trying to recover and repair whatever's left. some of those business owners we had a chance to speak to today. they say they'll reopen come next summer. >> you've kbchb in business 33 years, have you seen this sort of devastation before. >> no, nothing like this. we-- that's the reason we stayed because they were explaining that there was going to be a terrible storm. but we, of t

, the impact from superstorm sandy. it wasn't there. that's what the bureau of labor sta stisks told us. we thought it might have a significant impact. it didn't. second of all, a number of people gave up on looking for work. that's why you see the significant decline in the unemployment rate. >> where were the jobs gained? >> primarily retail, which added 53,000 jobs. business services have been strong throughout this recovery. we saw those add 43,000 jobs and lastly health care, which has been one of those fields that most people would say is untouchable because there's a growing need for health care as the boomer population ages and because there are consistently jobs in the health care. also computer services were strong. retail, one thing to note, it's november, people hire for the holidays. >> rebecca jarvis, thank you. >> now to the crisis in the middle east. rejecting president mohamed morsi's call for reconciliation, refusing to compromise last night as he spoke to the nation. earlier, morsi got a call from president obama after a deadly confrontation between morsi's supporters and

of superstorm sandy. the labor department reported that 370-thousand people filed initial jobless claims last week. that's down 25-thousand people compared to the previous week. claims surged in mid- november, after the storm put many workers out of a job temporarily. november's jobs report is due out tomorrow. return to the new fantasyland in the magic kingdom at walt disney world in florida is officially open for business. the expansion includes more disney characters and two new themed areas -- the enchanted forest and storybook circus. the 425-million-dollar expansion is the largest in of the original fantasyland. will be opened through 20- 14. sports as next.. is next (male announcer): now, here's stanley roberts who found people behaving badly. >> you are looking at surveillance video of a bandit that has been hitting a home in livermore repeatedly the resident hopes you can idenitfy this brazen in the middle of the night thief he would steal >> cigarette packs on the front yard some garden tools that were in thr front yard one time he went in the back and a bb gun was stolen sara belie

as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's start with bigger of the two deals. freeport's purchase of plains. approximately $6.9 billion in total now. it's a cash and stock deal. .6531 shares and 39 bucks a share in cash. that adds up to $50 a share. that's a fairly significant premium when we look at where pxp, that being the ticker symbol in

to get up. >> you okay, buddy? >> more than a month after superstorm sandy, a family living in a borrowed apartment is trying to put its life back together. >>> plus, back behind bars. john mcafee under arrest and get this. he's blogging from jail. >>> and could an online review of a business get you sued? a new case raises the question, just how far can you go when you sound off online? tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. hurry in and try five succulent entrees, like our tender snow crab pair

of superstorm sandy largely ruled out. the four-week average at 408,000 is still elevated. most of the year we have seen claims around that 370,000 to 375,000 level which suggests modest growth. we get the november employment growth tomorrow. that's a key factor although again sandy will distort the numbers. >>> flat start on wall street. investors still looking for some progress. dow down 1, nasdaq down 1, s&p down 1, as well. apple shares down 1.25%. back to you. >> it's 1s across the board. thank you. >>> the new reality in washington state recreational use of marijuana is now legal. hundreds of people showed up at the space needle to celebrate at midnight. voters approved the law last month. adults can now possess up to an ounce of pot. but growing and selling it is still a crime. colorado by the way also legalized recreational use of marijuana but that amendment won't take effect until the governor proclaims that it passed. >>> just two years after arriving in the bay area, the "fresh & easy" market chain could be going away. there are 19 "fresh & easy" markets in the bay area employing a

christie met with president obama this morning to request federal aid to victims of superstorm sandy. the president is expected to ask congress for about $50 billion in emergency assistance. christie has said new jersey alone will spend almost $37 billion on rebuilding. michelle obama is competing with bill clinton for a grammy for best spoken word album. the first lady red the audio version of "american grown," the story of the white house garden. the former president narrated his book "back to work." those are a couple of things we thought you should knowment time for the news narc gut check. treasury he secretary tim geithner told cnbc yesterday that the obama administration is absolutely ready to go over the cliff if republicans refuse to raise tax rates on the wealthiest americans. take a look. >> when it comes to raising taxes on the wealthy, if republicans do not agree to that is the administration prepared to go over the fiscal cliff? >> absolutely. there's no prospect to an agreement that doesn't involve the rates going up on the top 2% of the wealthy. >> orrin hatch called

for money to help his state rebuild from superstorm sandy. the storm destroyed 80% of seaside heights more than a month ago. the famous boardwalk was left in pieces. today governor chris christie asked the president and congress for more financial aid. christie says it's going to take $37 billion to recover and the president promises to help. >> he knows that our work is not done any more than the work in the states is done. >> president obama is expected to ask for $50 billion in storm relief for new jersey, new york and connecticut. >>> meantime, president obama made a special trip to virginia today to highlight his fix for the "fiscal cliff." the deadline for the president and congress to find a way to avoid tax increases and spending cuts is 25 days away. president obama made a special point to sit with a middle class family in virginia this afternoon. he was trying to offer an example of who would be hurt by the republican tax proposal. >> for them to be burdened unnecessarily because democrats and republicans aren't coming together to solve this problem gives the sense of the costs i

initial claims. they say it's a sign nearly all of the effects of superstorm sandy on the labor force have evaporated. this report comes a day before the government releases its closely watched job survey. there are reports that hiring sank last month because of sandy. >>> a new study shows if taxes go up on upper-income americans, the passage of proposition of 3 -- of proposition 30, raised the tax rate for california's highest income earnser -- earners to 13.3%. if the bush cuts expire at the end of the year, that would brick the overall tax rate for higherners in rainfall -- high earners to 51%. >>> this afternoon, president obama will visit a family in northern virginia. he will be talking about the importance of congress extending tax cuts for middle- klaas americans. it's all -- middle-class americans. it's tall about taking action to avoid the fiscal cliff by the end of the month. >>> back here, san jose police investigating a dadly hit and run. last night a man believed to be in his 50s was killed while crossing the intersection at white and kimby roads. he's the -- qwimby roads. t

superstorm sandy had an effect i can't tell you. what i can tell you is that this is a preliminary december read and all comps i'm giving you are final reads. this will change in a couple of weeks. on the surface, not a very good number. the response in the marketplace, not a huge response at this point but remember the market still trying to digest real from memory with regard to actual positives of the jobs report and it's a weekend. back to you. >> thanks a lot, rick. rick santelli. it does sort of point to a market that some argue is overly hedged. the rallies that nobody believes and firm on bad news as some say. >> the only thing i know is if you have capital losses, don't take them this year. more valuable next year. maybe that's why hewlett packard is going up. people aren't selling losers because they are worth more to sell next year against higher capital gains. >> have a great weekend. >> football. football. >> a great day. when we come back, a pair of exclusives on "squawk on the street." whirlpool ceo on jobs, the economy, the cliff and of course his company's red hot stock and

superstorm sandy. find out at 8:30 a.m. eastern. and cut! very good. o geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? >>> welcome back to "squawk box" everyone. the futures right now are at this point right around the flat line. we had seen the dow futures up by 15 points or so, it's come back down but probably a lot of people waiting to see what happens in washington because it's been driving trading for several weeks. >>> honda is expecting within two years it will export more vehicles than it imports from japan. the company says the factories will take on a larger role in global product development at that point. >>> all right, i've been wanting to ask larry some specific questions and i'm going to do it now because actually some of the stuff you talk about doug oberhelm, you teach economics, you're an economic sage so the mantra and we heard it again that if we could get rid of the, which is hard, but is the obama's administration resi

the november employment report at 8:30 eastern time. the job numbers are expected to be depressed by superstorm sandy. >>> we'll get instant analysis when the report comes out. >>> plus, a motor city makeover. >> what does opportunity look like? it looks like detroit. >> guest host dan gilbert on his efforts to revitalize detroit as the third hour of "squawk box" begins right now. >>> welcome back to "squawk box" here on cnbc. first in business worldwide. i'm joe kernen along with becky quick and steve liesman and andrew ross sorkin is off for one more day. our guest host dan gilbert, founder of quicken loans and owner of the cleveland cavaliers. we'll talk about a lot this hour but the big 50 is the november jobs report. it comes out at 8ky there. the dow jones news wire poll of forecasters, we thought this was so interesting we wanted to get a reaction shot of you. did you see how long you were on? we wanted you to -- we wanted a lot -- we wanted angst, we wanted suspense and disappointment. >> how did i do? >> i don't know. we were waiting for something. >> i didn't know i was on. >> you wer

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